Mindflair plc
("Mindflair" or the "Company")
Final Results for the year ended 31 December 2023
The Board of Mindflair plc (AIM: MFAI), the investment company invesAng in next generaAon technology with a focus on AI, announces its audited results for the year ended 31 December 2023.
Financial highlights
- Net asset value ("NAV") of £5,844,000 as at the year-end (31 December 2022: £7,822,000). Reduction principally driven by the liquidation of Emergent Entertainment Limited (although the original cash investment in this company was circa US$200,000)
- NAV per share of 2.13 pence per share (2022: 4.28 pence) compared to a year end share price of 0.9 pence and a current price of 0.48 pence
- Two-yeardebt funding facility amounting to £1.235 million in place
- Placing to raise £730,400 before expenses in December 2023
Portfolio highlights
- ConAnued progress is being made within the Company's investment por_olio
- A number of funding rounds have taken place for companies such as CameraMaAcs, Landvault, Engage XR, Virtex and VividQ
- CameraMaAcs is conAnuing to grow with a number of new customers
- Getvisibility, one of the Company's larger investments, conAnues to increase its customer numbers and revenue, with over 250 customers in 39 countries
- New investment made in Captur in October 2023, a company that has built an enterprise AI pla_orm for real-Ame,rules-based image recogniAon
- Virtex closed its first major commercial deal in December 2023 worth $3.5 million and has raised new funds at a higher valuaAon than the cost of the original investment
- Smargech247 conAnuing to make good progress as a listed company
- Investment in a third SVV fund ("SVV3"), alongside Enterprise Ireland ("EI"), an investment arm of the Irish Government
- SVV1 acAvely focused on the realisaAon phase of its investment cycle
- Successful change of name and rebranding to Mindflair plc to beger reflect the Company's emphasis on exciAng AI focused investments
Review of acBviBes
The year to 31 December 2023 has conAnued to be a difficult Ame for small-cap listed companies and for those companies with a technology focus. However, notwithstanding this market backdrop, the majority of the Company's investments have conAnued to make good progress during the period with the key developments being summarised in the following secAon.
Mindflair is an investment company focused on next generaAon technology with a focus on the applicaAon of AI to transform large tradiAonal industries. Mindflair invests in its por_olio companies directly, or indirectly, as set out below, through: (i) its investments in three funds managed by Sure Valley Ventures ("SVV") and (ii) its investment in Sure Ventures plc.
Investments
SVV1
SVV2
SVV3
Sure Ventures plc
Direct | Getvisibility, | 13% | 5.9% | 16% | 21.3% | ||
Low6 and | |||||||
Precog | |||||||
Indirect | 5.9% via Sure | 1.3% via Sure | Hold stakes of 25.9% of | ||||
Ventures plc | Ventures plc | SVV1 and 5.9% of SVV2 | |||||
and a stake in VividQ | |||||||
Cornerstone | Enterprise | BriAsh | Enterprise | ||||
investor | Ireland | Business Bank | Ireland | ||||
Net interest | 18.9% | 7.2% | 16% | 21.3% | |||
The Company's principal investment por_olio categories are summarised below: | |||||||
Cost or | Cost or | ||||||
valuaBon at | valuaBon at | ||||||
31 | 31 | ||||||
December | December | ||||||
2023 | 2022 | ||||||
£000's | £000's | ||||||
Categories | |||||||
SVV investments | 4,932 | 5,219 | |||||
Direct investments | 1,563 | 2,901 | |||||
Cash/other listed securiAes | 206 | 856 | |||||
Total | 6,701 | 8,976 | |||||
The cash balance above as at 31 December 2023 does not include the proceeds from the placing that took place in December 2023. The principal cause of the reducAon in the por_olio valuaAon during the year related to the insolvency of Emergent Entertainment Limited (although the original net cash investment in this company was circa US$200,000).
On 23 February 2023, the Company announced that it had agreed to invest in SVV's new venture capital fund, SVV3, alongside Enterprise Ireland, the fund's cornerstone investor that commiged 50% or €15 million to the fund.
- The SVV investments
1. Sure Valley Ventures Fund 1 ("SVV1")
SVV1 is SVV's first fund which has completed its new investment phase and has now entered its realisaAon phase. It has already achieved three realisaAons/liquidity events to date, with more expected in the short term.
Within the SVV1 por_olio, highlights during 2023 include:
- GetVisibility is a cybersecurity company focusing on data visibility and control and uses state-of-the-art arAficial intelligence ("AI") to classify and secure unstructured informaAon. The company has conAnued to grow its sales pipeline, with a number of new channel partners being onboarded, leading to an increase in its number of enterprise customers to over 250 in 39 countries.
Mindflair also has a direct interest in GetVisibility and, an addiAonal indirect interest through SV plc. The total valuaAon of the Company's interest in GetVisibility, held both direct and indirectly, amounts to circa £2.43 million (€2.8 million) based on the company's last funding round. A number of conversaAons have already taken place with regard to the possible sale of this company at a higher valuaAon.
- CameraMaAcs offers a cloud based, SaaS soluAon to fleet managers, enabling companies to deal with the increasing demands around driver shortages, driver retenAon, rising fuel costs, insurance costs, emission output and driver safety protocols. Its in-house developed smart technologies, smart vision systems, AI safety technologies, fleet safety/risk management tools and data soqware soluAons have been achieving good results for customers. In Q1 2023, the company raised €3 million from exisAng investors at an increasing valuaAon to assist with funding growth. CameraMaAcs has conAnued to grow both annual recurring revenue and customers, with expansion into new geographies, such as the US and new clients being won including MariAme Transport, one of the UK's largest privately owned transport companies, Van Elle and Hendrick European. The company will also be receiving around €12 million in funding from the DisrupAve Technology and InnovaAon Fund to develop next generaAon neural processing units to improve driver safety.
- LandVault, a large metaverse builder, successfully raised an addiAonal US$3 million aqer extending its Series B funding round in April 2023. This strategic funding was raised from Web3 focused investors including, The Sandbox, The Gemini FronAer Fund, HodICo and hedge fund Kingsway Capital. The proceeds of the fundraise will assist its global expansion, further investment in innovaAve technologies and development of an open protocol, Matera, to make the metaverse experience more accessible. The company has signed a number of new deals with an increased focus on the Middle East.
- Virtex has developed an app called Virtex Stadium which is an applicaAon that enables esports organisers to host their exisAng formats on a 3D entertainment pla_orm, offering millions of viewers a completely new viewing experience. Virtex has recently completed a £1.8 million fundraise at a higher valuaAon than the cost of the original investment and closed its first major commercial deal in December 2023 worth $3.5 million with the operator of an esports venue to provide technology and soluAons for viewing esports live in 3D.
- Everyangle, whose computer vision soluAons help retailers improve efficiencies, opAmise operaAons and reduce losses, recorded over 200% growth in 2023 alone. They have recently expanded their product suite with advanced demographic analyAcs, enhancing their market-leading foo_all soluAon. Recent product enhancements around customer idenAficaAon and speed of service have been designed to reveal genuine converAble traffic, opAmise retail service efficiency and elevate customer saAsfacAon. A number of new contracts have been signed and new funcAonality has been added.
- Smargech247 Group plc ("Smargech247") (AIM: S247) is an established global arAficial intelligence- based cybersecurity business, specialising in automated managed detecAon and response. Recent full year and interim results of Smargech247 demonstrate that the company is conAnuing to grow revenue and EBITDA and win new contracts. The company was also recognised again as one of the fastest growing tech companies in 2023 by Deloige. Further updates include the announcement of a new AI Assistant, a pioneering AI capability for cybersecurity operaAons, and the extension of its robust cybersecurity framework to wider markets.
- Wia, a leading player in smart technology soluAons, announced in 2023 the closure of a landmark 5- year contract with one of the world's most prominent logisAcs companies. The agreement, valued at over $2 million, involves a rollout of energy monitoring across 5 million square metres of property in 14 countries, underscores the industry's shiq towards sustainability and the pressing need for efficient resource management.
-
ENGAGE XR Holdings plc (AIM: EXR) is a metaverse technology company focused on becoming a leading global provider of virtual communicaAons soluAons through its new fully featured corporate metaverse, ENGAGE Link. The company also has a proprietary soqware pla_orm, ENGAGE. ENGAGE provides users with a pla_orm for creaAng, sharing, and delivering VR content for educaAon, training, and online events through its three soluAons: Virtual Campus, Virtual Office, and Virtual Events.
In February 2023, the company raised €10.5 million by way of a placing which included a subscripAon by HTC for £0.58 million. In June 2023, Lenovo's new VR headset was released. Lenovo is a channel partner for ENGAGE XR and so this is expected to provide a new route to market for the company. In September 2023, the company published its 2023 interim results which showed conAnued revenue growth of 18% over the same period in 2022. More recently the company has signed its largest contract to date with a large Middle East based company. It has also just announced its results for 2023 with revenue of €3.7 million and an improving EBITDA result with net cash at the period end of €7.9 million. - VividQ has been making good progress and is now able to share images of real holograms projected through high-performance 4K display hardware. The ability to deliver 'reAna resoluAon' computer- generated holograms means that next-generaAon VR headsets will be able to offer unparalleled levels of immersion and realism to users. In Q4 2023, the company raised £3.2m. The funds were raised at a price which was less than the previous round but it provides the company with sufficient cash to fund development for the next two years.
As at the year end, SVV1 had a por_olio of 14 investee companies at different stages of development spanning a range of sectors. The por_olio provides Mindflair with exposure to a number of key, cutng edge and rapidly growing technology sectors. Further details of the por_olio companies and recent developments are set out below:
ArBficial intelligence | |
Ambisense | Provides an ArAficial Intelligence pla_orm to deliver environmental risk |
(Ambisense Limited) | assessment to allow real Ame gas and environmental monitoring using both |
IoT and sensor soluAons. However, the company has been unable to raise new | |
funds and therefore went into liquidaAon in June 2024. | |
Security | |
Nova Leah | An ArAficial Intelligence cybersecurity risk assessment and protecAon pla_orm |
(Nova Leah Limited) | for connected medical devices. |
Getvisibility | |
(Visibility Blockchain | An ArAficial Intelligence security company addressing the substanAal problem |
Limited) | faced by corporaAons in storing, sorAng, accessing and protecAng data. |
PreCog | An ArAficial Intelligence security soluAon pla_orm company that provides data |
(Polience Limited) | intelligence to combat crime, terrorism and protect vulnerable people. |
Customers include leading law enforcement and security agencies, and | |
transport infrastructure groups. | |
Smargech247 | Is an established global ArAficial Intelligence-based cybersecurity business, |
(Smargech247 Group | specialising in automated managed detecAon and response. The company is |
plc) | listed on AIM. |
Immersive | |
Technologies | |
Engage XR | A developer of virtual reality and immersive experiences with a specific focus |
(Engage XR Holdings | on educaAon and enterprise learning and development. The company is listed |
plc) | on AIM. |
Landvault | A moneAsaAon pla_orm and gateway for brands to enter the metaverse. The |
(WAM Group Limited) | |
company is rapidly growing revenues and numbers of acAve users. | |
Warducks | An AR/VR game development studio known for the producAon of leading |
games. However, more recently this company has struggled to raise new | |
(Warducks Limited) | |
funding and therefore filed for liquidaAon in early 2024. | |
VividQ. | A deep tech soqware company which has developed a framework for real |
(VividQ. Limited) | Ame 3D holographic displays for use in heads up displays and AR headsets and |
glasses. | |
Volograms | An ArAficial Intelligence deep learning company that uses AI to create 3D |
(Volograms Limited) | Augmented Reality from 2D photos and videos. The company has launched a |
consumer AR Camera app called Volu and has browser and enterprise versions | |
in | |
Virtex | A company building a pla_orm for the next generaAon of live, immersive |
(Virtex Limited) | entertainment within the virtual reality ("VR") gaming and esports industries. |
It is acAvely developing its new Stadium app. | |
Internet of things | |
CameraMaAcs | An ArAficial Intelligence platform enabling transport fleet managers to reduce |
(MySafe Drive | risk, increase driver safety and comply with growing industry governance and |
Limited) | compliance. The company is growing revenues considerably and building its |
presence in the very significant US market where it has already won a number of | |
new contracts. | |
Wia | Provides a pla_orm soluAon for smart buildings. Its pla_orm provides full |
(WIA Technologies | device and applicaAon management, security, data capture and storage, |
Limited) | analysis and control. |
Everyangle | An ArAficial Intelligence pla_orm that uses machine learning to provide |
(Everyangle Limited) | enterprises, such as large retailers, with line of business soluAons to reduce |
fraud, churn and waste using machine vision. |
SVV1 has completed its investment in new companies and is now in its realisaAon phase which should lead to further returns to the Company and its shareholders.
2. Sure Valley Ventures UK SoYware Technology Fund ("SVV2")
In March 2022, the Company invested in a second SVV fund, the Sure Valley Ventures UK Soqware Technology Fund (the "SVV2"). The principal investor in the SVV2 is the BriAsh Business Bank ("BBB"), an investment arm of the UK Government. The first close of this fund amounted to £85 million, with the BBB invesAng up to £50 million and other investors ("Private Investors"), including Mindflair, invesAng up to £35 million over the 10 year life of the fund.
Mindflair expects to invest up to £5 million in total over the life of the fund which would provide it with a circa 5.9% interest. SVV2 invests in a range of private UK soqware companies with a focus on companies in the ArAficial Intelligence sector and within the subsectors of AI in the enterprise, AI in Immersive Technologies (such as AR/VR) and AI in Cybersecurity sectors.
SVV2 is managed by the same SVV team which, to date, has been highly successful in achieving a number of cash realisaAons from, and upward revaluaAons of, the majority of the companies in the SVV por_olio. The profit share arrangements within this new fund are designed to encourage the involvement of the Private
Investors alongside the BBB, meaning that Mindflair and the other Private Investors would expect to receive a significantly enhanced share of the total return generated by the fund compared to industry standard.
As at the period end, SVV2 had made three investments in which are described below:
RETinZE Limited | RETiniZE is an award-winningcreaAve-tech company based in Belfast, |
(RETinZE Limited) | Northern Ireland. The company is developing an innovaAve soqware |
product called AnimoAve that is harnessing the latest VR and GeneraAve | |
Al technologies to transform the 3D animaAon producAon process. | |
Jaid | Jaid is a rapidly growing pla_orm that uses Al as a Service (AIaaS) soluAon |
( O p s m a A x S y s t e m s | to help businesses reduce costs, improve efficiency and make data-driven |
Limited) | decisions, including client service automaAon, sales automaAon, payment |
excepAon processing and claims administraAon processing. | |
Captur | Captur is a company that has built an enterprise AI pla_orm for real-Ame, |
(Captur Limited) | rules-based image recogniAon. ExisAng investors, MMC Ventures and |
Ascension Ventures parAcipated in this round, along with other investors | |
including ex-Deliveroo, and enterprise AI investors Concept Ventures and | |
Two Culture Capital, backers of ElevenLabs and Electric AI. | |
The company's technology uses Edge AI, the implementaAon of arAficial | |
intelligence in an edge compuAng environment, which allows calculaAons | |
to be completed nearby to where data is created, rather than an offsite | |
data centre or a centralised cloud compuAng facility. This localised | |
processing allows Captur's technology to make decisions using visual AI in | |
under 3 seconds. | |
Captur's visual AI soluAon is fast to implement and offers product owners | |
easy-to-embed APIs and SDKs that act as a smart camera within their | |
mobile apps. Captur is currently being used in the delivery sector for | |
drivers to map doorways and verify the correct address, reducing delivery | |
to incorrect addresses and fraud by up to 40%. Captur has recently made | |
significant progress on new business and product features. They have | |
launched their real- Ame camera SDK into producAon, which is now being | |
used by tens of thousands of users per month. They have conAnued to | |
grow their market lead in mobility with plans to launch with new clients in | |
The funding requirement for this fund is expected to be met from exisAng cash resources and/or realisaAons from SVV1. In June 2024, a fourth investment was made in this fund in Igybit, a pioneering developer tools company.
2. Sure Valley Ventures III Limited Partnership ("SVV3")
On 23 February 2023, Mindflair announced that it had agreed to invest in SVV's new venture capital fund, SVV3, alongside Enterprise Ireland, the fund's cornerstone investor who has commiged 50% or €15 million to the fund. SVV3 plans to invest in circa 15 high growth Al soqware companies in sectors such as Enterprise, Immersive Technologies and Cybersecurity across the Republic of Ireland. Whilst new investments for this fund are being reviewed, the funding requirement is expected to be relaAvely limited in the short term and will be met from exisAng cash resources and/or realisaAons from SVV1. In June 2024, this fund made its first investment in Inspeq AI, a transformaAve full-stack AI Ops pla_orm, alongside Delta Partners and a number of other leading investors.
3. Sure Ventures plc ("SV plc")
SV plc (LSE: SURE) is a London-listed venture capital fund which invests in early-stage soqware companies in the rapidly growing technology areas of Augmented Reality, Virtual Reality, Internet of Things and ArAficial Intelligence. Mindflair has a 21.3% shareholding in SV plc whose principal investments are a 25.9% interest in SVV1, a 5.9% commitment to SVV2 and an investment in VividQ. Consequently, as a result of its shareholding in SV plc, Mindflair has an aggregate (direct and indirect) interest in SVV1 of around 19%, which comprises its original direct 13% interest in SVV1 and an indirect interest of 5.9%. It also has an aggregate interest of 7.2% in SVV2. This investment is carried at its market value and as at 31 December 2023, SV plc's NAV per share was £1.07 (€1.24) compared to a current share price of £0.725.
- Direct investments
Getvisibility | Details of this investment are covered in the section above. | ||
Low6 | Low6 is focused on the revenue generaAve free-to-play and affiliate markets in North | ||
America with the ambiAon to be the global leader in fan engagement. A number of | |||
(Low6 Limited) | new partnerships have been established, including the appointment as the NaAonal | ||
Hockey League ("NHL") free to play provider for a period of 3 years, who have also | |||
invested in Low6. In July 2023, the company announced that it had become EBITDA | |||
posiAve and in February 2024 it said that it expected current year revenue to be | |||
around £4.5 million and that it had traded profitable for the last 7 months. | |||
Precog | PreCog is a soqware soluAon that understands visitor flow, protects borders, detects | ||
persons of interest, and ensures locaAons are protected from those who wish to cause | |||
( P o l i e n c e | damage or commit crime. PreCog provides totally unique, scalable, acAonable | ||
Limited) | intelligence soluAon. Customers include top UK and internaAonal government security | ||
and law enforcement agencies and transport infrastructure organisaAons. | The | ||
company is involved in a number of customer deployments. The signature of one or | |||
two new contracts is expected to result in an upliq in valuaAon. | |||
E m e r g e n t | Emergent is focused on becoming a next-generaAon entertainment company, bringing | ||
Entertainment | audiences and storytellers together by harnessing emerging technologies. Whilst in | ||
Limited | the earlier part of 2023, the management team had been working on reducing the | ||
company's cost base and had revised its 2023 revenue forecasts upwards, as the year | |||
progressed trading deteriorated. Then in December 2023, the Company announced | |||
that Emergent was engaging with insolvency advisers and expected to be shortly | |||
placed into liquidaAon which then took place on 10 January 2024 with a resoluAon to | |||
voluntarily wind up the company. | |||
This investment has therefore been provided for in full. | |||
Other |
As at the end of March 2024, John May, a non-execuAve director, reAred from the board aqer a number of years with the Company in order to devote more Ame to his other roles.
Financial
For the year under review, the Company reported a loss before taxaAon of £2.67 million (for the year ended 31 December 2022: loss of £0.37 million). The result for the Company includes unrealised gains/losses in the por_olio of quoted equity investments which are marked to market, plus any return from and adjustment to the carrying value of its unlisted investments. The principal cause of the loss for the year related to the insolvency of Emergent Entertainment Limited (although the original cash investment in this company was circa US$200,000).
Net asset value as at the end of the year amounted to £5,844,000 (31 December 2022: £7,822,000). We continue to believe that absolute NAV does not fairly represent the Company's financial potential, given the scope for significant valuation uplift of the companies within the portfolio. This is clearly demonstrated by the gains, both realised and unrealised, that have been achieved to date from the investment portfolio. Furthermore, it is worth reiterating that realisations that are achieved within the SVV portfolio result in cash distributions to the Company and are not retained within the fund.
On 22 December 2022, the Company entered into a two-year £1.235 million unsecured loan facility accruing interest at 7.5% per annum with a bullet repayment of principal and interest at the end of the term. Warrants over 47,839,284 new ordinary shares were issued to the investors which will vest if the average of the Company's volume weighted average price over five consecuAve trading days exceeds 5.163 pence within the three-year exercise period of the warrants. The warrant exercise price is 4 pence, which represented a 60% premium to the closing mid-market price of 2.5 pence per the Company's ordinary share on 21 December 2022. These are currently the only unexercised warrants that are in issue.
On 21 December 2023, the Company placed 91,300,000 shares at a price of 0.8 pence per share, raising gross proceeds of £730,400, The shares were placed at a 30 per cent. discount to the closing mid-price of the ordinary shares on 20 December 2023.
Post year end
In January 2024, Warducks was unable to raise new funding and therefore filed for liquidaAon. In June 2024, a new investment was made in Inspeq AI, a transformaAve full-stack AI Ops pla_orm, alongside Delta Partners and a number of other leading investors. This was the first investment by SVV3. Also in June 2024, the fourth investment by SVV2 was made in Igybit, a pioneering developer tools company. In addiAon, in June 2024, Ambisense went into liquidaAon as it was unable to raise new funds.
Outlook
Our investment strategy is focused on AI based next generaAon technology businesses. Whilst 2023 has been a difficult year, we believe that significant progress has been made by the majority of our investments and that the outlook for the respecAve sectors in which they operate remains encouraging.
We expect that in the coming months we will see some addiAonal realisaAons or liquidity events from the investment por_olio. Furthermore, it is important to note that, as previously menAoned, the first SVV fund has now completed its deployment phase and so is in its realisaAon phase which is expected to generate further cash inflows for the Company.
In summary, we believe that our por_olio provides excellent exposure to companies at the forefront of the AI revoluAon with the potenAal for significant growth and the ability to deliver real returns for shareholders.
Nicholas Lee
Director
26 June 2024
STATEMENT OF COMPREHENSIVE INCOME
Year Ended 31 | Year ended | |
31 | ||
December 2023 | December | |
£000's | 2022 £000's | |
CONTINUING ACTIVITIES | ||
Income | - | |
Other Income | 4 | |
Total income | - | - |
(Loss)/Gain on investments held at fair value through profit or | (2,169) | 420 |
loss | ||
OperaGng expenses | (500) | (786) |
OperaBng (loss) from conBnuing acBviBes | (2,665) | (366) |
(Loss) before taxaBon from conBnuing acBviBes | (2,665) | (366) |
TaxaGon | - | - |
(Loss) for the year from conBnuing acBviBes | (2,665) | (366) |
Other Comprehensive Income | - | - |
Total Comprehensive Income aeributable to equity holders of | (2,665) | (366) |
the Company | ||
Basic (loss) per share | ||
Equity holders | ||
Basic | (1.44p) | (0.20p) |
Fully diluted | (1.44p) | (0.20p) |
STATEMENT OF CHANGES IN EQUITY | ||||||
Shar | Share | Capital | ||||
e | Capital | Redempti | Retain | |||
Capit | Share | to be | on | ed | Tota | |
al | Premi | issued | Reserve | Earnin | l | |
£000 | um | Reserv | gs | £00 | ||
's | £000's | e | £000's | £000's | 0's | |
Balance at 1 January 2022 | 396 | 7,874 | - | 11,995 | (13,042) | 7,223 |
Loss and total comprehensive | - | - | - | - | (366) | (366) |
loss for the period | ||||||
Issue of shares (net of costs) | 61 | 904 | - | - | 965 | |
As at 31 December 2022 | 457 | 8,778 | - | 11,995 | (13,408) | 7,822 |
Loss and total comprehensive | - | - | - | - | (2,665) | (2,665) |
loss for the period | ||||||
Issue of shares (net of costs) | - | 687 | - | - | 687 | |
As at 31 December 2023 | 457 | 8,778 | 687 | 11,995 | (16,073) | 5,844 |
Share Capital - amount subscribed for share capital at the nominal amount
Share Premium - amount subscribed for share capital above the nominal amount
Share Capital to be issued Reserve - amount subscribed, net of fees, for share capital alloged on 9 January 2024.
Capital RedempAon Reserve - own shares purchased by the Company
Retained earnings - cumulaAve gains and losses recognised
The accounAng policies and notes are an integral part of these financial statements
STATEMENT OF FINANCIAL POSITION
31 December
31 December | 2022 | |
2023 £000's | ||
£000's | ||
Current assets | ||
Investments | 6,498 | 8,129 |
Trade and other receivables | 692 | 373 |
Cash and cash equivalents | 203 | 847 |
Total current assets | 7,393 | 9,349 |
Total assets | 7,393 | 9,349 |
Equity | ||
Issued share capital | 457 | 457 |
Share premium | 8,778 | 8,778 |
Share capital to be issued reserve | 687 | - |
Capital redempAon reserve | 11,995 | 11,995 |
Retained earnings | (16,073) | (13,408) |
Total equity (Net assets) | 5,844 | 7,822 |
Non-current LiabiliBes | ||
Term Loan | - | 1,235 |
Current liabiliBes | ||
Trade and other payables | 219 | 292 |
Term Loan | 1,330 | - |
Total liabiliBes and current liabiliBes | 1,549 | 1,527 |
Net current assets | 5,844 | 9,057 |
Total equity and liabiliBes | 7,393 | 9,349 |
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Mindflair plc published this content on 27 June 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 27 June 2024 09:26:10 UTC.